https://www.taxtmi.com/caselaws?id=18144 For capital-base computation under the Companies (Profits) Surtax Act, 1964, a dividend appropriation made at a later general body meeting may relate back to the period to which the profits belonged, so the corresponding amount cannot remain part of the general reserve on the first day of the previous year. On that basis, the reserve available on the valuation date is reduced for surtax purposes. The Madras High Court followed the Supreme Court's ruling on the same issue and answered the question in the negative, in favour of the Revenue. en-us Thu, 22 Feb 1996 00:00:00 +0530 Tue, 29 Sep 2009 10:57:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18144 For capital-base computation under the Companies (Profits) Surtax Act, 1964, a dividend appropriation made at a later general body meeting may relate back to the period to which the profits belonged, so the corresponding amount cannot remain part of the general reserve on the first day of the previous year. On that basis, the reserve available on the valuation date is reduced for surtax purposes. The Madras High Court followed the Supreme Court's ruling on the same issue and answered the question in the negative, in favour of the Revenue. Case-Laws Income Tax Thu, 22 Feb 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18144